We have already entered September and many retirees are already thinking about the important news that will come to them in 2024.
As most of you already know, the pension Contribution pension rights will be updated according to the change in the Consumer Price Index (CPI).; If inflation caused pensions to increase by 8.5% in 2023, The government once again guarantees that retirees will not lose their purchasing power according to the November CPI in 2024.
On the other hand, the monthly amount of those with the lowest pensions will be increased and the minimum benefits will be guaranteed to be equal to 60% of the average income in Spain in 2027.
This translates into gradual increments: In January 2024, the difference between the contribution pension reference amount for retirees with a dependent spouse and the poverty line for a household of two adults will be increased by 20%.
“The reference amount of the pension will be additionally increased by the percentage required to reduce the current deficit by 20%,” explains the BBVA My Pension blog, an interesting resource for those looking to learn about pensions.
In summary, Minimum contribution pensions for the dependent spouse will increase from 966.20 euros to 1,178.50 euros per month.22% higher, hence a further increase of €212.37 per month or €2,972 per year in 14 payments.